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Multifamily

AcquisitionsMidwestMultifamilyNorth Dakota

Gindi Equities Acquires 243-Unit Multifamily Community in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Gindi Equities has acquired Osgood Townsite Apartments, a 243-unit multifamily community built in 2004 in Fargo. Property Resources Group sold the asset for an undisclosed price. The acquisition marks Gindi’s entry into the Fargo market. Gindi plans to invest in a renovation program to modernize and enhance the Class B property. Planned improvements include redesigned kitchens and bathrooms and upgraded building exteriors and grounds. Gindi will also implement sustainable elements and energy savings fixtures to increase efficiency and reduce utility costs. Property Resources Group will continue to manage and service the asset. With this acquisition, Gindi’s multifamily portfolio is valued at over $250 million and includes 2,000 units across the country.

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AcquisitionsHealthcareMultifamilyNevadaSeniors HousingWestern

ESI Brokers $8.5M Sale of Post-Acute Rehab Facility in Las Vegas

by Amy Works

LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of a 45-bed post-acute rehab community in Las Vegas.  The seller was a regional owner-operator. A national owner-operator with a presence in Nevada acquired the asset for $8.5 million, or $188,888 per bed. The community, exclusively licensed to accept Medicare only, has provided skilled nursing care since its inception in 2015. At the time of marketing, the facility was 73 percent occupied and had struggled to maintain healthy occupancy levels in previous months. Despite these challenges, ESI noted the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year. The previous owner-operator made the strategic decision to divest this asset to better concentrate on its regional portfolio. This was the seller’s only asset outside of the state of Michigan.

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Federal-Realty-Bala-Cynwyd
DevelopmentMultifamilyNortheastPennsylvania

Federal Realty Breaks Ground on 217-Unit Multifamily Redevelopment in Metro Philadelphia

by Taylor Williams

BALA CYNWYD, PA. — Federal Realty Investment Trust has broken ground on a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment, will convert a former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Bernardon is the project architect, and Bohler is the civil engineer. Construction is slated for a 2026 completion. Federal Realty received zoning approval for the project in February.

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AcquisitionsIllinoisMidwestMultifamily

DMG Capital Acquires Linkt Apartments in Chicago’s River West for $14.2M

by Kristin Harlow

CHICAGO — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, has acquired Linkt Apartments in Chicago’s River West neighborhood for $14.2 million. The luxury apartment property includes 47 units and two street-level retail spaces. The asset is 95 percent occupied. DMG will manage the building and oversee a common area refresh and light unit rehabs. The fitness center, outdoor green space and lobby will all be part of upgrades that will occur in the second half of this year. The acquisition marks DMG Capital’s third in six months, totaling $40 million in new assets. Philip Galligan and Danny Kaufman of JLL Capital Markets arranged debt financing through Freddie Mac. Meredith Katz and Ariel Murray of Greenberg Traurig LLP represented DMG in the purchase. Craig Martin and Joe Smazal of Interra Realty brokered the transaction on behalf of the buyer and undisclosed seller.

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DevelopmentFloridaMultifamilySoutheast

Codina Partners Receives Site Plan Approval for 412-Unit Multifamily Development at Downtown Doral in South Florida

by John Nelson

DORAL, FLA. — Codina Partners has received site plan approval for Sevilla, a 412-unit mid-rise apartment community coming to Downtown Doral, a 250-acre mixed-use development in Miami-Dade County. The seven-story project will be situated on a 4.2-acre lot at the corner of N.W. 53rd Street and N.W. 52nd Terrace, a block from University of Miami Health Systems’ (UHealth) new Ambulatory Center. Sevilla’s floor plans will include one-, two- and three-bedroom apartments ranging in size from 720 to 1,708 square feet. Amenities will include a resort-style pool deck with outdoor loungers, barbecue stations, a large beach-entry pool, private cabanas, Zen courtyard and a large dog park. Codina Partners will develop the community in two phases, with Phase I move-ins slated for second-quarter 2026. The developer expects to fully complete Sevilla by late 2026.  

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AcquisitionsColoradoSeniors HousingWestern

ESI Negotiates Sale of 110-Bed Seniors Housing Facility in Aurora, Colorado

by John Nelson

AURORA, COLO. — Evans Senior Investments (ESI) has arranged the sale of Summit Rehabilitation & Care Community, a 110-bed skilled nursing facility in the Denver suburb of Aurora.  The seller was an independent owner-operator. An East Coast-based real estate holding company acquired the asset for an undisclosed price. ESI also helped arrange a new tenant for the property. Built in 1972 with a 2018 renovation, Summit Rehabilitation & Care Community maintained a 95 percent occupancy rate, generating over $11.9 million in annual revenue.

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AlabamaDevelopmentSeniors HousingSoutheast

SRI Management Opens 135-Unit Seniors Housing Community in Daphne, Alabama

by John Nelson

DAPHNE, ALA. — SRI Management has opened Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.

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AcquisitionsDevelopmentMultifamilySeniors HousingTexas

Sherman & Roylance Brokers Sale of Seniors Housing Development Site in Austin

by Taylor Williams

AUSTIN, TEXAS — Sherman & Roylance has brokered the sale of an eight-acre seniors housing development site in Austin. The City of Austin had previously approved the site for the development of a two-story, 98-unit assisted living and memory care facility, but the project faced construction delays and ultimately ended up in foreclosure in September 2023. The lender, Woodforest Bank, sold the partially completed project to Novak Brothers, which may convert the project into a general multifamily development.

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Journal-Square-Urby
DevelopmentMultifamilyNew JerseyNortheast

Urby Begins Leasing 317-Unit Apartment Building in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 317-unit apartment building in Jersey City. Rising 265 feet and 25 stories, Journal Square Urby offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project. Rents start at approximately $3,300 per month for a studio apartment.

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Vermella-Broad-Street-Newark
DevelopmentMultifamilyNew JerseyNortheast

Russo Development Completes 296-Unit Apartment Community in Downtown Newark

by Taylor Williams

NEWARK, N.J. — Locally based firm Russo Development has completed Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $2,000 per month for a studio apartment. Leasing began last November.

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